Granholm Announces Four Michigan Redevelopment Projects(2)

$23 Million Transformation of Flint, Big Rapids, Manistee and Royal Oak Sites to Create 58 New Jobs

Governor Jennifer M. Granholm today announced brownfield redevelopments in Flint, Big Rapids, Manistee and Royal Oak that are expected to create 58 jobs and generate more than $23 million in private investment. The projects are receiving assistance provided by the Michigan Economic Development Corporation.

The redevelopment projects announced today:

Big Rapids:A $73,760 tax credit will be used by Lake-Osceola State Bank to restore a building formerly housing a bookstore to its original use as a bank. The 6,300-square-foot structure will primarily be devoted to bank operations, with 1,000 square feet devoted to retail. Developers will invest $984,886 in the project, which is expected to create seven jobs. The project will also benefit from state and local tax capture valued at $85,765 approved by the MEDC in September.

Flint:Community 1st LLC will use a $230,000 tax credit to help transform two vacant buildings at the corner of Saginaw and First Streets in Downtown Flint. The new mixed-use development will include 6,000 square feet of office space, 6,000 square feet of restaurant space and 3,000 square feet of live-work space. The new office space will be occupied by the Community Foundation of Greater Flint. The foundation plans to hire up to eight new people and the restaurant is expected to create an additional 30 jobs. The developer is expected to invest more than $2.3 million in the project.

Royal Oak:120 Hudson LLC will use a $500,000 tax credit to help redevelop a contaminated industrial property near downtown into a mixed-use facility to include approximately 24 loft condominiums and street-level commercial space. The project is expected to include more than $5 million in private investment and lead to 10 new jobs.

Manistee:A $1 million tax credit will help Manistee Lakes LLC redevelop two contaminated waterfront sites. The Bay Condominiums project includes demolition of a vacant factory and motel, site preparation and construction of six, two-story residential buildings with a total of 40 condo units, 36 boat slips, a swimming pool and other recreational amenities. The developers will invest more than $14.8 million in the project, which is expected to create three jobs. State and local tax capture of more than $1.4 million approved by the MEDC in September will further benefit this project.